from Arkansas Business Staff
on Friday, November 2, 2018, 2:58 pm
1 minute read
- from Arkansas Business Staff
- Published on 11/2/2018 14:58
- Updated 1 hour ago
Synchrony released a statement Friday about Walmart Inc.'s lawsuit in the US District Court for the Western District of Arkansas on Thursday.
In the lawsuit, Walmart claims that his long-time credit card issuer infringes the terms of the agreement and some of Synchrony's subscription standards have caused financial damage.
Walmart claims damages "at an amount that must be proven at the trial, but estimated at no less than $ 800 million." The company is also shifting its business to Capital One Financial Corp.
In a statement, Synchrony cited Walmart's lawsuit as "unfounded and without merit" and said it was an attempt to "leverage and avoid the contracted loan valuation process, the Synchrony on behalf of millions of Walmart customers over the last 20 years has taken care of years. "
Synchrony said it has applied the same subscription and decision-making processes to the Walmart portfolio as others, and said it intends to show that Walmart has failed in the most fundamental elements of our contract, including promoting the card program in stores and online. "
Walmart responded to the statement by Synchrony saying that Synchrony "breached its contractual obligations to Walmart and that the damage to our company is estimated to be at least $ 800 million.
"We have made every effort to settle this business dispute and avoid litigation, but Synchrony has not taken any responsibility for its actions, and we fully expect Synchrony to counterclaim it to avert its focus on its own behavior," the company said ,